Property & Asset Division

In New York, upon a divorce or other action that ends a marriage, the parties are entitled to equitable distribution of their marital assets.

The marriage is viewed by the law as an economic partnership and each party or partner is entitled to his or her fair share of the assets obtained or created by the partnership. These "marital assets" are to be fairly, not necessarily equally, shared between the parties.

In determining how to fairly divide the assets the court looks at some 20 factors including but not limited to each spouses' contribution to obtaining and maintaining the asset, the length of the marriage, and the income of each party. The court also determines which assets are marital and which are the separate assets of one party.

Separate assets are assets that have been acquired prior to the marriage, or assets obtained during the marriage either by way of inheritance, by way of a workers compensation or negligence claim, or by way of gift from someone other than the spouse.

Sometimes the court must determine whether a separate asset of one spouse has, over time or by way of the non-titled spouse's contributions, become a marital asset in whole or in part.

Adding to this complex topic is that New York defines property broadly such that things like advanced degrees or business licenses obtained during the marriage are deemed marital assets and have to be valued and shared.

Contact Our Ronkonkoma Property & Asset Division Attorneys

We will guide you through this difficult issue to ensure that with regard to equitable distribution, you truly achieve an equitable result. Contact our Ronkonkoma divorce attorneys to schedule a free initial consultation.

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Contact

Judd & Moss, P.C., provides legal advice and representation to family law clients in Ronkonkoma, New York, and in communities throughout Suffolk County and Nassau County, including the Long Island cities of Islip, Holtsville, Holbrook, Selden, Brentwood, Smithtown, Centereach, Commack and Bohemia.